Forsta AP Fonden boosted its stake in W.R. Berkley Corporation (NYSE:WRB) by 23.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 99,713 shares of the insurance provider’s stock after buying an additional 19,100 shares during the period. Forsta AP Fonden owned about 0.08% of W.R. Berkley Corporation worth $6,897,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. US Bancorp DE boosted its stake in shares of W.R. Berkley Corporation by 1.9% in the second quarter. US Bancorp DE now owns 7,167 shares of the insurance provider’s stock valued at $495,000 after buying an additional 137 shares during the last quarter. State Treasurer State of Michigan boosted its stake in shares of W.R. Berkley Corporation by 1.5% in the second quarter. State Treasurer State of Michigan now owns 39,955 shares of the insurance provider’s stock valued at $2,764,000 after buying an additional 600 shares during the last quarter. BTIM Corp. boosted its stake in shares of W.R. Berkley Corporation by 4.5% in the second quarter. BTIM Corp. now owns 100,386 shares of the insurance provider’s stock valued at $6,944,000 after buying an additional 4,296 shares during the last quarter. Aperio Group LLC boosted its stake in shares of W.R. Berkley Corporation by 20.7% in the second quarter. Aperio Group LLC now owns 62,843 shares of the insurance provider’s stock valued at $4,347,000 after buying an additional 10,769 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of W.R. Berkley Corporation by 3.3% in the second quarter. Louisiana State Employees Retirement System now owns 25,300 shares of the insurance provider’s stock valued at $1,750,000 after buying an additional 800 shares during the last quarter. 72.00% of the stock is currently owned by hedge funds and other institutional investors.
W.R. Berkley Corporation (NYSE WRB) opened at 68.38 on Friday. The stock’s 50 day moving average is $69.20 and its 200 day moving average is $69.14. W.R. Berkley Corporation has a 12-month low of $55.55 and a 12-month high of $73.17. The stock has a market capitalization of $8.29 billion, a PE ratio of 14.52 and a beta of 0.87.
W.R. Berkley Corporation (NYSE:WRB) last released its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.10. W.R. Berkley Corporation had a return on equity of 7.58% and a net margin of 7.86%. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the company posted $0.82 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis. Analysts forecast that W.R. Berkley Corporation will post $2.94 EPS for the current year.
W.R. Berkley Corporation declared that its board has authorized a stock buyback program on Tuesday, August 8th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be issued a dividend of $0.14 per share. The ex-dividend date is Tuesday, September 19th. This represents a $0.56 annualized dividend and a yield of 0.82%. W.R. Berkley Corporation’s payout ratio is 11.84%.
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Several brokerages recently commented on WRB. BidaskClub cut W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research cut W.R. Berkley Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Boenning Scattergood reaffirmed a “hold” rating on shares of W.R. Berkley Corporation in a report on Wednesday, July 26th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $70.00 price target (up previously from $68.00) on shares of W.R. Berkley Corporation in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods set a $67.00 price target on W.R. Berkley Corporation and gave the company a “hold” rating in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $63.83.
About W.R. Berkley Corporation
W. R. Berkley Corporation is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of its commercial insurance business operations, comprising excess and surplus lines, and admitted lines, throughout the United States, as well as its insurance business operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia.
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